There’s a point where you’ll need to hire a rental car. For instance, you may rent a car because yours has been broken and requires repairs to function properly. At this juncture, the individual renting the car is responsible for any damages or theft of the car. Therefore, car rental insurance is required in order to minimize the cost of any unexpected car accidents or damages. Rental car insurance has numerous benefits for both parties. Below are some of the main types of rental car insurance.
1. Supplemental Liability Insurance
This type of rental insurance covers your property damage and medical expenses of injured pedestrians or other car owners. Some car rental companies may encourage their clients to secure supplemental insurance whenever their personal coverage is wanting. At some point, a reliable cost policy is added to your personal auto insurance in order to protect both your car and a rented car.
2. Collision Damage Waiver
In Singapore, this type of insurance can also be termed as a loss damage waiver. If the borrowed car is stolen or damaged, you won’t be liable. The required repairs will be covered by the insurance company. Securing this type of auto insurance is cost-effective. Therefore, consider buying third-party auto insurance because it’s affordable and it will cover collisions and theft.
3. Personal Effects Coverage
This type of auto insurance isn’t important while renting a car. The main reason behind this is that homeowners’ car insurance covers any loss of items from your car. If you’re a frequent traveler, you may need this type of insurance in order to protect your finances, baggage, and rental car.
4. Personal Accident Insurance
Personal accident auto-insurance covers ambulance expenses, medical expenses, and death benefits of the passengers and the driver. The benefits of this type of auto-insurance are also included in your life, car, and health insurance policies. Therefore, you don’t need this type of insurance. It’s, therefore, important to conduct thorough research on which type of auto-insurance will cater to your needs.
Benefits of using Personal Insurance for Car Rental
– Cost-Effective: many auto insurance policies cover rental cars. Therefore, you’ll save a huge amount of money when you opt for your own auto insurance. This will also give you peace of mind, thus improving your efficiency and concentration.
– Less Paperwork: less paperwork will minimize the process, thus helping you save both time and money. Time management is vital because you’ll have adequate time to focus on other helpful investments or projects.
– Reputation of the Car Insurance Company: you already have a solid relationship with your car insurance firm. Reputable car insurance will be reliable compared to a rental insurance company.
Rental Auto Insurance Cost
The cost of rental auto-insurance will vary from one company to another depending on the type of coverage. Normally, rental car insurance will be affordable.
Car insurance has numerous benefits to both the rental company, passengers, and the driver. If you’re going to rent a car, then it’s important to understand more about rental auto insurance cover.